Senate Bill 854 Summary

• Changes film and digital production incentives from rebates to income tax credits of 20% to 25% on qualified production costs, with no per-production cap

• Adds a 5% income tax credit for honorably discharged veterans of the United States Armed Forces employed as below-the-line employees

• Increases the base requirement for postproduction tax credits from $50,000 to maintain the $200,000 minimum for production tax credits within a six-month period

• Establishes a maximum annual cap of $10,000,000 on total income tax credits available to all production companies and allows credits to be sold one time at no less than 85% of initial value

• Extends the sunset date of the incentive program to June 30, 2019 and declares the changes effective immediately due to competitive pressures from other states